Wilco Model: “We’re like a co-pilot for the client”

The name Wilco was not chosen at random. It comes from aviation: “Will comply” – meaning “the order has been received and will be executed.”

This idea lies at the heart of the company’s philosophy. Wilco positions itself as the client’s “co-pilot” – someone who does not take the controls or decide where to fly, but who helps the client stay on course and navigate turbulence when needed.

According to Wilco CEO Irina Belysheva, wealth management is based on a simple principle: not to make decisions for the client, but to help them better understand their own goals, risks, and opportunities. The client remains the pilot of their own “airplane,” determining the direction of their life, family, and business, while Wilco strives to be the expert who sees the entire route.

This approach is particularly important for families whose wealth has grown beyond the scope of simple investing, and for whom the focus extends beyond asset management to business structuring, tax and legal matters, succession planning, their children’s education, and preparing the next generation.

A New Chapter in the Company's History

Wilco’s current story in Armenia began about a year ago, when the company – which had been operating since 2008 – gained a new owner, adopted a new mission, and underwent a rebranding. Management has set a goal of transforming the company from a local investment company into a world-class wealth management company.

“For me, the biggest challenge wasn’t the business model or finding clients. The most difficult aspect was assembling the people. We had to figure out: would we be able to build a team that not only had extensive professional experience but also believed in Armenia’s long-term potential?” explains Irina Belysheva. 

Today, the Wilco team includes leading experts from Armenia and several other countries, some of whom have moved to Armenia with their families. The CEO considers building this team one of the most important achievements of the company’s first year.

According to her, the experience of professionals from different markets brings additional dynamism to the company. At the same time, beyond diverse professional and cultural backgrounds, a shared set of values is essential. At Wilco, these values are trust, creativity, and vitality.

The product isn’t the first thing – it’s the last
 
One of the key differences between wealth management and traditional investment services is in where the process begins. In the traditional model, a financial product is first created and then offered to the client.

“Our approach is the opposite: first, we need to understand the needs and challenges of an individual or family, and only then develop a solution. Every family has its own circumstances, goals, and priorities. There are no one-size-fits-all solutions,” says Irina Belysheva. 

However, this approach can only work if the client is willing to speak openly about their financial situation.

“We, so to speak, act as a family doctor: if a person doesn’t tell us everything, we cannot offer a comprehensive solution,” notes Irina Belysheva. 

That is precisely why, for Wilco, trust is not simply one aspect of the service – it is its very foundation.

When money isn’t the most important financial issue

During Wilco’s first year operating under its new name in the Armenian market, several issues have emerged that are gradually becoming increasingly important to clients.

“In many businesses, the strategic horizon is still limited to a single year. But when we talk about family wealth, we need to think about the decades to come. It’s not just a matter of how to make more money. The more complex question is what will happen to that wealth afterward,” says Irina Belysheva. 

And this is where the issue of continuity and legacy comes to the forefront.

“What will happen if I’m gone tomorrow?”
 
Building capital, preserving it, and passing it on to the next generation are three distinct challenges. In Armenia’s business community, the first two have long been priorities since independence; the third, however, is now emerging with increasing urgency.

“For families, this is often one of the most difficult conversations to have, because it touches on both money and mortality. You may build a large business, but your children might live in another country, pursue a different career, or simply not want to carry on the family business,” says Irina Belysheva. 

This raises a question: Does the next generation understand what has been built? Is it ready to take on this responsibility? And if not, how to design a structure for transferring this capital? For Wilco, this is no longer simply a matter for individual families. The company views the issue of intergenerational wealth transfer as one of the keys to Armenia’s long-term and sustainable economic development.

Knowledge – before passing on a legacy to the next generation

Based on this logic, Wilco has launched its Next Generation and Financial Literacy initiatives. The company aims to work with the generation that will one day decide what businesses to build, where to live, how to invest, and how to manage their own capital.

The programs are designed to engage the children and heirs of Wilco’s clients of different age groups. Topics range from financial literacy and career guidance to understanding how businesses operate.

“We’ve already held a pilot Discovery Day, during which children aged 11-14 learned how our business works. They showed tremendous interest and expressed a desire to learn about other industries as well,” says Irina Belysheva. 

No one knows what the market will be like in 10 years

When discussing the future of Armenia’s financial market, Irina Belysheva highlights several trends that could reshape it: greater financial literacy, a broader range of investment instruments, and the gradual integration of household savings into the financial system.

“Attitudes toward money must also change. Instead of simply holding onto savings, they need to be gradually integrated into the financial system. The government, the Central Bank, and private financial institutions – banks, brokers, investment firms, and wealth management companies – all have a role to play here. But financial instruments alone are not enough. For investment to grow, confidence and trust are also essential – in financial institutions, the regulatory environment, and the country as a whole,” says Irina Belysheva. 

Armenia is a country that not only attracts capital but also channels it

According to Wilco’s vision, one of Armenia’s key priorities should be to establish stronger capital flows between the Diaspora and Armenia.

“I don’t see this as simply an attempt to attract capital from the Armenian Diaspora to Armenia. It’s about building bridges. These bridges should enable Armenians living outside Armenia to participate in investment projects in Armenia, while those living in Armenia gain access to international markets,” says Irina Belysheva.

Under this model, Armenia could gradually become not just a country that attracts capital, but also a hub connecting different financial markets.

Wilco’s goal is to enable its clients to move in both directions: to maintain strong ties with Armenia while also gaining access to other markets.

“The plane is already in the air”

According to the company’s management, the first year following the relaunch laid the foundation for the next phase of development.

“Our top priority right now is to grow our assets and revenue. If our first goal was to build an airplane, I can say that today the plane is already in the air and gaining altitude. Looking ahead, we also do not rule out international expansion and the development of new partnerships,” says Irina Belysheva. 

This year, Irina Belysheva was honored with the “Leading Woman in Wealth Management” award in Dubai. For her, the recognition is not only a personal achievement but also an opportunity to discuss Armenia’s financial market on the international stage.

Astghik Hovhannesov